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Global investment environment
Global cross-border investment supported by strong M&A activity
Around the world, companies continue to calibrate their investments carefully to the opportunities offered by economic recovery, trade, business expansion, digitization and business model optimization – and continue to create economic progress and jobs.
M&A plays a growing investment role as companies reshape. According to UNCTAD, cross-border M&A in the EU increased by an extraordinary 34% to US$259b in 2016.
The continuing massive flow of investment into productive assets around the world comes against a backdrop of global economic recovery. On 18 April the International Monetary Fund lifted its forecast for world growth during 2017 from 3.4% to 3.5%, the first upward revision in six years. The IMF said that the upturn was supported by accelerating flows of goods and services around the world, and that it expected international trade to expand by almost 4% this year and next – a pick-up from the 2.2% of 2016, but still below the 7.1% a year average in the two decades to 2007.
FDI inflows by region (US$b), 2015–2016
Geopolitics have penetrated more boardrooms, more than ever
Cross-border investment flows and trade have hugely increased in recent decades, so geopolitical instability touches many more companies, in more complex ways. In Europe, continuing economic recovery is accompanied by a widespread and powerful undercurrent of dissatisfaction. Europe’s place in the world is changing, its relative importance diminishing. Long term, a rethink about the future of the EU might help refresh Europe’s attractiveness.
Europe’s investment capacity appears intact
After averaging expansion of 1.7% in 2016, ahead of the US (1.6%) the 19 Eurozone countries are expected to achieve 1.6% this year and next. The 11 countries of Emerging and Developing Europe, on the region’s southern and eastern fringe, are expanding almost twice as fast. Steadier and stronger growth around the world lifts demand for European products and services at home and abroad, raises capacity utilization, and gives business decision makers the confidence to expand and invest.
Negotiating about jobs, growth and trade – Andrew Hobbs, EMEIA Public Policy Leader, EY
Foreign direct investment in 2016 and country rankings
FDI projects and jobs created in Europe
In 2016, foreign direct investors announced a record 5,845 new projects in Europe, up 15%. The massive inflow of projects was accompanied by a 19% surge in jobs created, which reached 259,673.
Though counting job creation accurately is very difficult, that’s more than twice the number of jobs that we believe were created by FDI in the lean years of 2009 and 2010, when Europe was struggling through the immediate aftermath of the financial crisis. What’s going on?
The recent upsurge in foreign direct investment reflects a long-awaited return to economic growth throughout almost all of Europe. International investors have regained some of their confidence in Europe since the worst of the financial crisis.
Europe’s ability to attract increasing numbers of FDI projects confirms the endurance of its economic environment. Investors remain strongly attracted by and committed to the region, and continue to establish new operations, renew or expand existing facilities, and to create jobs in Europe.
Against the global backdrop of geopolitical and economic instability, the first of many striking messages from EY’s European Attractiveness Survey 2017 is that investors are continuing to bet on better economic trends and opportunities in the European Union, as well as its European neighbors, including Russia and Turkey.
Destinations and country rankings: gains for (almost) everyone
Three Western European countries captured half of European FDI
Europe’s appeal to foreign direct investors is diverse: the number of projects increased in every leading destination except the Netherlands, Belgium and Switzerland.
However, Europe’s attractiveness is driven by three FDI champions: the United Kingdom, Germany and France. Together, these three big, highly-developed economies captured half of European FDI inflows in 2016, almost unchanged from the 51% they secured in 2015.
Central & Eastern Europe: competitive and attractive
Foreign direct investment in Central and Eastern Europe had a strong momentum in 2016. Poland leaped to fifth place in the national ranking, attracting 256 projects, a hefty 21% increase. The Czech Republic secured 110 projects, up 53% and Hungary and Slovakia also achieved firm gains.
The region attracted nearly half of Europe’s FDI industrial projects. It has become a favorite among European car-makers, which locate assembly plants in countries such as Slovakia where they find committed, skilled and affordable employees.
Southern Europe and Turkey: divergent trends
Southern Europe’s attractiveness revived strongly in 2016. FDI inflows to Italy, Portugal and Spain surged more than 24% year-on-year. A plentiful supply of well-qualified and affordable young people, and moderate real estate costs, contributed to the attractiveness of these Southern economies.
After significant growth of 23% in 2015, however, Turkey’s FDI rose just 3% in 2016, to 138 projects. Economic growth slowed last year and combined with a high ratio of USD denominated debt and instability in the neighboring region, including an ongoing conflict in Syria, these factors are impairing Turkey’s attractiveness for foreign investors.
FDI by activity, sector and origin
Projects by activity in Europe
Europe’s most powerful attraction in the global battle to draw in FDI is the size and wealth of its increasingly dynamic marketplace. In 2016 Europe attracted a record 2,683 sales and marketing offices, up 29% on 2015. Sales and marketing activities made up 46% of all FDI projects in 2016, up from 41% in 2015. But in a digital era, this category almost certainly includes many software and business services companies that are expanding across borders.
Europe’s historic strengths in the manufacture of capital goods and in business services are being reinforced by the development and industrial adoption of robotics, artificial intelligence, the Internet of Things and other business-oriented digital technologies. We know that US giants such as Amazon, Alphabet and Facebook are investing hugely in Europe, both in greenfield projects and by acquiring digital innovators.
In a globalized economy Europe remains an attractive location for many manufacturers. Cross-border investors launched 1,538 industrial FDI projects in 2016, up 6% on 2015. Central and Eastern Europe is increasingly becoming the continent’s workshop. Last year CEE secured 754 projects, a 15% increase and an overall 49% share of European manufacturing FDI projects - up from 45% in 2015.
The origin of FDI: US and European investors still dominate
As the world’s biggest economy, and a leader in the digital transition, it is unsurprising that the US was the single biggest source country for FDI in Europe. However, the majority of FDI in Europe arises from intra-European FDI flows.
FDI projects and jobs created by source, % share
Asian investors continue to flag their confidence in Europe. Chinese companies launched 297 FDI projects in Europe in 2016, up 25%. Two-thirds of these were sales and marketing projects, though Chinese investors also announced 52 manufacturing projects, making up 18% of total Chinese projects, and 22 R&D investments, an increase of 10% on 2015. Chinese companies invest across a very diverse range of sectors, but machinery and electronics are in the vanguard.
European companies know their neighboring markets increasingly well, and are busy transforming themselves from national into pan-European or global champions.
We surveyed decision makers in a representative sample of 505 foreign companies in Europe and beyond about how they see Europe’s attractiveness as an investment destination. Their answers show unequivocally that for its typical investors, Europe remains the world’s most attractive destination for cross-border investment.
Despite ground-breaking economic reforms and strong growth India’s appeal has also weakened, though it is Brazil, down to 7% from 26% in 2013, that risks falling off investors’ radar. Russia, meantime, now attracts less attention from foreign investors, who struggle to understand the investment outlook there.
Attractiveness by region (2017): Europe in top position
Current climate does not damage long-term hopes in the European Union
The freedom of movement of goods, services, capital and labor across the EU’s 28 states are still providing a fairly attractive environment in which business is thriving, adapting and investing – creating jobs and profits.
Europe’s single market of more than 500 million consumers makes investment in new goods and services worthwhile, and enables companies to achieve economies of scale. It also enables them to achieve efficiencies, by locating their activities where they can get the best results at the lowest cost – benefiting their customers and their shareholders.
Open borders are facilitating the movement of capital and talent towards modernizing cities and regions in both Western and Central and Eastern Europe. For companies, much of Europe is working reasonably well – at least for the moment.
Will Brexit stymie the resilience of Europe?
Brexit and Article 50 will have an impact, but it’s just too early to see. Four out of five asked investors say they have no plans to change or relocate operations. But many companies do not yet have a comprehensive view of the tax and regulatory consequences, and have only just started, are thinking about the possible consequences. Logistics and supply chain, manufacturing, innovation and R&D activities may well be redrawn as clarity emerges about the detail of the UK’s separation from the EU. Some companies will alter their production of goods and services, and even review the location of their headquarters.
Innovation based on progressive trade and a strong Single Market – Ann Mettler, Head of the European Political Strategy Centre, the European Commission’s in-house think tank
Mastering Brexit effects – Mats Persson, Head of International Trade EY UK&I
Investors seem to see the prospect of strong European economic growth receding further into the future. In 2015, 58% expected Europe’s attractiveness to improve within the next three years. In 2017, that proportion is down to 35%. Likewise, in 2015, some 53% predicted an improvement in Europe’s growth within five years. By 2017, that proportion had fallen to 42%, whilst the proportion expecting a return to steady economic growth after at least five years has risen to 56%.
Moreover, many companies are still completing the Europe-wide integration of their operations to serve a single European market that has yet to become a reality in many domains. For example, although many consumer and digital products are essentially identical across Europe, the infrastructure over which they are delivered remains largely in the hands of national players, from railways and trucks to telecom operators.
In your view, given the current uncertainties in Europe, how long before we see a return to steady economic growth and performance in Europe?
Investors seem to be saying that whatever the near-term bumps, Europe is on its way to more clarity and more sustained economic growth.
Recommendations for foreign investors
Global trends are disrupting operating models, and will continue to do so because of continuing global economic integration, digitalization and cost pressures. At the same time, the tax and regulatory environment is undergoing unprecedented changes, notably from greater global harmonization and transparency enshrined in the Base Erosion and Profit Shifting initiative (BEPS), and the promised US tax reforms. Any operating model changes must take this wider context into account.
Yes, Europe’s political instability and Brexit negotiations are creating volatility and uncertainty in Europe. But paradoxically these factors can have a catalytic effect on companies, prompting thinking and discussion over future business models, market strategies and operational priorities.
Some companies have started to re-evaluate supply chains, look at alternative suppliers, and refresh their operating model. Others are being spurred to accelerate their operational excellence transformation and delve into future international trading opportunities. All in all, companies – whether directly affected or more distantly – must put the UK’s planned exit from the EU in context, understand the implications for their business, and get on the front foot for the key battles ahead.
Companies need to think through all the implications of Brexit strategically and avoid falling into the trap of addressing this disruptive shockwave department by department.
Policymakers need to work on creating clarity. They need to be clear about objectives, realistic about what can be achieved, and pragmatic in finding – and implementing – solutions. The faster uncertainty is removed, the more quickly business can plan and adapt to a changed situation. Policymakers need to devote ample resources to ensure unnecessary business disruption is minimized.
Ensuring that Europe has the right people and skills to ensure its prosperity is the biggest challenge.
The urgency of developing education and skills rings loud and clear from our survey. Moreover, developing education and skills is considered vital by 44% of investors already committed to Europe, against 10% of those not yet present. The clear implication is that Europe’s investors find its talent pool wanting, and believe remedial action is pressing.
Policymakers’ action needs to begin at the start of the pipeline, where educators must ensure better basic literacy and numeracy for all. They need to invest in turning out more people more able in Science, Technology, Engineering and Mathematics (the so-called STEM subjects) at ALL levels, so that there is a place for every disenchanted, unemployed under-25 in the digital economy - and equally - an ample supply of those with doctorates.
Companies that make their home here must assume their share of the responsibility for training and developing talent – and not just focus on scarcities of particular niche skills. To assure their bottom line long-term, their future labor supply – and their license to operate – companies need to hire, educate and train young people, working in close partnership with local bodies and educational organizations. Talent, not geography, will make the difference between success and failure in tomorrow’s world.
That supporting high tech industry and innovation (34%) comes in second place in investors’ recommendations only confirms their conviction that Europe must do more to underpin its transition to the digital era. Although it lags in consumer IT, Europe is a leader in many emerging digital technologies, including artificial intelligence, robotics, and the Internet of Things. Already, the continent has produced thousands of digital start-ups, and even some substantial businesses… developing products and services that companies in Europe need today or will need tomorrow… and that often catch the eye of overseas acquirers.
Policymakers must do much more to enhance the start-up environment. Areas for action include:
• Modernizing laws on copyright
• Overhauling tax regimes: to encourage innovation and not penalize companies that do not turn an early profit, to ensure entrepreneurs are appropriately incentivized, to rationalize VAT rules to avoid unnecessary burdens on small cross-border traders and unequal liabilities between business models offering similar services in different ways
• Overhauling labor codes, to ensure workers have appropriate protections in the gig economy, and bridge the gulf between those with long-term security, and the chronically insecure
• Modernize the regulation of financial institutions to facilitate innovation in funding models, via peer-to-peer, lending, venture capital, and traditional grants and lending, so as to ensure appropriate finance is available to develop ideas that can change our society for the better
• Deepen the capital markets union: many startups service the needs of big companies, and the funding capacity of big companies is critical to the health of the entire European economy
Companies must learn to constantly scan for opportunities and potential impacts of digital technologies on their activities. They must reorganize their own business models to profit from new ways of working, while adopting intrapreneurship and empowering employees. They must identify and partner with external innovators, and develop an open innovation mindset underpinned by appropriate contractual arrangements that leave scope for the unforeseen.
Europe’s complex economy and extensive physical infrastructure offer vast potential for efficiency gains and new services developed on the back of data capture and analysis.
Economic progress is the most critical issue for Europe’s future. Yet people and politicians are focused on yesterday’s problems. Progress in the construction of Europe and further expanding the huge range of benefits it delivers has stalled.
For instance, Europe’s tax regimes were designed in a bygone age, when companies, assets and people were national and immobile. The attempt to harmonize international corporate taxation through BEPS should stamp-out some of the most obvious tax avoidance schemes. But what Europe really needs is a root and branch overhaul of its national tax regimes in favor of jobs, innovation, the environment – and greater equity. Taxation can be used to discourage what is bad, and promote what is good for Europe and its people.
As it hurtles into a period of accelerated change, Europe is abounding with opportunities. Many countries in Central, Eastern and Southern Europe are enjoying rapid economic growth as they progress their transition to open, internationally-integrated, market based economies. Educated and connected, their city-dwellers are a precious and affordable resource for business.
Meantime in Western Europe, knowledge-based science and industry clusters are developing ever more sophisticated and connected ecosystems. Digital technologies are transforming every sector and business model, from energy and transport to real estate, consumer goods and healthcare. The diversity of Europe’s people, languages, and social and economic models has become an opportunity to experiment alternative solutions in different markets, and quickly transpose those which work best.
Corporate Europe needs to come in and help. Companies and citizens alike benefit enormously from the EU, albeit unequally, and companies have powerful insights into the strengths and shortcomings of the European economy. They need to share them, loud and clear, with employees, citizens and policymakers. They need to fight inequality and campaign vigorously for the greater good, including for more support, such as education and training, for those adversely affected by change.
Companies must do more to highlight the success of Europe’s single market and open-border policies in improving lives. And they must do more to convince, hire, train and retain the citizens, especially the young, upon whom the future of Europe and its investors depend.
Europe is back in fashion as an investment destination – so what happens next?
Cultivating Europe’s digital future and growth
What’s keeping Europe awake at night?
Investors show more optimism for financial services in Europe


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Why $18 Corn, $30 Soybeans and $42 Wheat Prices are Possible, But Not Likely
Social media started buzzing this weekend after a marketing analyst made a comment about where prices could go in 2023. The analyst painted a scenario and stated corn prices could hit $18 to $19 per bushel, soybeans $30 and wheat $42 to $45 per bushel in the year 2023.
While the price forecasts may seem far-fetched, other industry analysts say anything is possible, and the 2020 price action on crude oil is proof of that.
“I refuse to say something is not possible when it comes to the price of a commodity,” says Brian Splitt of AgMarket.Net. “2020 saw the price of crude oil trade at -$40 per barrel, and I have been humbled by the market numerous times. So, to say we can’t see those prices is foolish. Whether it is likely is another question.”
“The odds of $18 corn are about the same as the odds that we’ll ever see crude oil trade to -$40; wait a minute. That did happen back in April,” adds Arlan Suderman of StoneX Group. “So, I’d be reluctant to say that anything can’t happen in this money rich environment, where computer trading dominates, backed by billions of dollars of fund money. Is it likely? Probably not. But I wouldn’t rule it out.”
Factors to Fuel High Prices
While analysts say it’s possible, yet not likely, there are some factors fueling the market today. It’s not just the supply and demand scenario, but also the possibility of inflation.
“It seems like it would take a major jolt of inflation to trigger a rally anywhere near those levels,” says Brian Basting of Advance Trading. “There is plenty of talk about the possibility of inflation at the moment, although the Fed seems committed to keeping that under control. Widespread world crop shortages would also likely have to be seen.”
It’s the inflation piece of the puzzle that seems to be the biggest concern. While supplies are tight and demand is strong, Suderman says fiscal policy would be a major factor to create such prices.
“It’s easy for us to understand the fundamentals, but it’s more difficult for most people to grasp the impact of more than a decade of easy money policy from the Federal Reserve,” says Suderman. “In fact, central banks around the world are following similar policies. Their policies, along with runaway fiscal spending in the United States and in other major economies, raises the risks of hyper-inflation. The United States is already managing the problem by monetizing its debt via the Fed, as it prints money to buy its own debt. Other countries are expected to do the same. Ultimately, the risk is best illustrated by what we currently see in Argentina, where it’s struggling to contain runaway inflation, that’s stifling production in its Ag sector due to high taxes.”
The Hype and Reality of Hyperinflation
The talk of inflation, and specifically hyperinflation, could create a scenario of higher prices in more than just commodities. And Basting says if you look back at history, that also means a recession.
“If history is any indication, the economy would likely struggle through some type of recession,” says Basting. “For example, when inflation peaked in 1980 the U.S. experienced negative GDP growth and the start of a recession. The unemployment rate continued to rise, reaching an annual peak of 10.8% in 1982, although inflation was declining by then. Also, GDP contracted by 1.8% in 1982 as the recession continued before concluding in early 1983.”
Splitt says the fallout from an event like hyperinflation could be destructive and detrimental in the long-term. However, he says higher prices are possible even without hyperinflation.
“The thing about hyperinflation is it requires the word ‘hyper.’ This means that inflation is happening so fast that prices of goods and services when you go to bed at night can literally be double what they were when you wake up in the morning,” says Splitt. “So, I don’t think the prices mentioned above require hyper-inflation. Roughly double current values for soybeans wouldn’t, in my mind, be considered hyper unless it happened tomorrow. But, as far as the overall economy, your savings is gone unless you converted it to something else, like a foreign currency or a cryptocurrency. Since the value of the currency is so volatile relative to the cost of goods and services, bartering would be how the average person stabilizes this relationship, goods and/or services for goods and/or services. Good luck getting a loan.”
Splitt says Zimbabwe may be the best example of recent inflation and the impact it could have on prices, because it’s such an extreme example. He says government land reforms redistributed farmland, which then led to a large reduction in food production.
“In order to fight inflation, they implemented price controls, which actually fueled inflation by keeping goods affordable,” he says. “Keeping goods affordable sounds nice until you run out because prices didn’t do their job of rationing, and the cost of production increases faster than the price of the product.”
He says the other piece that was already a factor during that time in Zimbabwe was high national debt. So, the reduction in ag production and a collapse in lending caused the economy to see sharp contraction. It also created turmoil with consumers’ trust in the government.
“The obvious theme here is massive amounts of money printing and how one cause begets another feeding on itself which becomes a vicious cycle,” says Splitt. “In the case of Zimbabwe, it evolved into hyper-inflation.”
Suderman says in an inflation type setting, farmers have to remember that even with higher prices, there will be a cost to pay.
“Farmers should keep in mind that this inflation cycle will not just raise prices for what they produce, but it will also dramatically impact the price of inputs necessary in that production,” says Suderman. “Risk management plans need to focus on both the output and input sides of production.”
Higher Price Highs Yet to Come?
While $18 corn may seem unattainable, analysts say the bull market still isn’t over. And as prices climb, even if $30 soybeans don’t come to fruition, some say the market could still see higher highs in the coming years.
“It is possible that we could set new record highs over the next couple of years – perhaps well above levels that we now see as rational,” says Suderman. “Fundamentally, soybean stocks are very tight, and could get tighter if China is able to manage its hog disease problem. That’s a more significant ‘if’ today than it was a month ago. Corn stocks could get to that level if we have a short Safrinha crop in Brazil and/or a short Midwest crop this summer.”
“At the moment it looks as though it might require several growing seasons to get production to a level that would satisfy current demand,” adds Splitt. “Based on USDA’s February Outlook Forum, it would require 2021 domestic production to strongly outperform on both acreage and yield expectations. Otherwise, we can’t do it alone without a strong showing from South America next year.”
Splitt says assuming the inflation conversation doesn’t turn into reality, he thinks it will take until fall of 2022 before world buyers feel comfortable about supplies again. It’s that runway still in question and one that nobody can pin down.
“It's impossible to say at this point how long this inflation period lasts,” says Suderman. “A resurgence of Covid-19 due to a more lethal mutation could hit the pause button for an extended period of time. Otherwise, we could see this cycle last for a year or two, or much longer if the Fed and Congress mismanage it. Never before have they faced the current scenario in U.S. history, so policymakers are trying to figure it out as they go, following academic theory that’s never been tested in our economy before.”
While wild price forecasts may continue to surface, there’s no clear answer as to how high these markets will go. That’s why Advance Trading suggests farmers don’t ignore the marketing tools available today, and possible profits they can pencil in with current prices.
“It’s impossible to say, there are simply too many moving pieces in the world economy at the moment,” says Basting. “What we can say by looking at commodity price history is that price change happens and can be very fast. Looking back on this time of history, we will be able to determine what happened. But markets do not afford producers that type of luxury. That’s why we strongly advise that producers utilize the various marketing tools available to defend their balance sheet.”

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Decrypt’s Art, Fashion, and Entertainment Hub.
“You get a Reg A+ token offering, and you get a Reg A+ offering—everybody gets a Reg A+ token offering!”—Oprah didn’t say this.
On the heels of yesterday’s big Blockstack announcement, New York-based YouNow, a video streaming application company, announced today that its Props Network has also been given the go ahead by the SEC to distribute Props tokens using the Regulation A+ regulatory framework—which means anyone can get in on the action, and not just “accredited investors.”
Regulation A+ is one of many exemptions to federal securities laws in the United States that allow startups to raise cash and issue securities without registering as a public company. However, unlike the more common Regulation D or S exemptions employed by firms to conduct a private placement of securities, Regulation A+ opens the sale up to the general public.
As such, Regulation A+ offering undergo a rigorous review and approval process from the SEC. Before yesterday, no business involved in the cryptocurrency industry had yet received the SEC’s approval to conduct such a sale for digital asset securities.
But unlike Blockstack’s token offering, YouNow’s SEC-sanctioned crypto hoedown doesn’t actually involve the sale of securities—but rather, just their distribution—which may explain why the company has taken to calling Props the “first consumer facing crypto token qualified by the SEC.”
YouNow, which is backed by Union Square Ventures, Comcast, Venrock, and many others, has already raised roughly $26 million, so it’s not short on dough. Instead, the company sought the SEC’s approval to distribute its Props tokens (each valued at $0.1369 a piece) to its users as rewards for “in-app activities,” such as creating content, on its video streaming platform.
The company’s filing with the SEC, however, bears many similarities to that of Blockstack’s, as Marc Boiron, an attorney and partner at FisherBroyles, LLP, noted on Twitter. “Like Blockstack, YouNow believes that the network may become so decentralized that the Props tokens will no longer be securities,” he wrote.
Indeed, the company’s circular makes repeated reference to the fact that it is the long-term strategy of the Props Network to “create an increasingly decentralized network and economy for digital media content, where YouNow plays an increasingly smaller role” in making decisions that affect the network.
While YouNow stops short of using the same vaguely understood concept of “sufficiently decentralized”—a term coined by SEC Director William Hinman—to describe its end goal, it makes clear that “this potential, future result” of its network is the same nebulous, quasi-legal distinction that Hinman described in his June 2018 speech.
But as legal experts have noted with respect to Blockstack’s token offering, this is all easier said than done—and YouNow will face many of the same risks, including potentially being forced to become a public company, as a result of registering a “consumer token” as a security.
Nevertheless, the SEC’s willingness to engage with crypto startups that seek a compliant path toward selling and distributing their tokens is a positive sign—recognition by the Commission of a “square peg/round hole problem” with respect to digital assets and securities laws, said Gabriel Shapiro, an attorney and co-founder of ZeroLaw Tech.
Despite the back to back announcements of unprecedented regulatory approval from the SEC with respect to crypto assets, Boiron said that he does not “expect floodgates to open as a result of both of these qualifications."
Shapiro agreed. “I expect it will still be a trickle rather than a flood, as each project is unique and the SEC will be careful in vetting them, but over time a body of practice and thinking will emerge to make this almost routine,” he said.
“Blockstack must have spent a small fortune in time [and] opportunity cost, and legal and accounting fees, but they have blazed a trail which can now be more affordably followed by other projects.”


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Spam. It's always Spam.
You get a kick out of it. So does its maker. This week saw investors get another nice quarter from Hormel (HRL), the Austin, Minn., food company that's behind the canned pork product, and naturally Spam was at the center of the conversation.
On Thursday Hormel posted a third-quarter profit of $111.2 million, up 13% from the prior-year period, and earnings per share increased to $1.37 from $1.31. Sales for the quarter were $2 billion, up 5% year over year.
But sure enough, right there in the press release, Hormel gives thanks to the little product that's so popular in the 50th state. Chairman and CEO Jeffrey M. Ettinger took time to point out that the company's grocery products segment benefited from strong sales of the Spam line.
Go a little deeper though, and you'll see this isn't a one-day story about the blue and yellow can. The grocery products group in total made up 15% of Hormel's net sales in the most recent quarter. That's less than the Jennie-O Turkey Store division, which accounts for 18% of sales. Refrigerated foods -- bacon, deli meats, pepperoni -- consistently account for more than half of Hormel's top line.
As discussed last week regarding Smucker (SJM), Hormel is another staples company that has gone steadily in the right direction if you're long. During the past five years, Hormel's sales have a compound annual growth rate of 6.6%, and net income is up 10.6% annually, FactSet says. Free cash flow has a five-year CAGR of 16.3%.
That's all well and good, but what matters to investors is whether they make money. Lo and behold, they do. FactSet data go back to November 1984 on the stock, and since then, it's up more than 5,100%. Dividends began in the 1920s, and they keep heading higher. Right now, the yield is 2.1%.
If you don't like dealing with severe ups and downs in equity indices, Hormel's got you covered with low price volatility relative to the market overall -- a beta of 0.37. At the same time, it's up 172% since the beginning of 2000, while the S&P 500 is right where it was. And last month, the stock had its best close ever (after splits), at $30.68.
The downside is that the past year hasn't been as rewarding price-wise, as the shares are only 1.4% ahead of where they were 12 months ago. During that time, the stock has traded in a range, including intraday levels, of $25.87 to $30.70. Hormel's basically flat performance is well behind its calendar-year average price appreciation of 11.3% in the last half decade, so it has significant ground to make up in the months ahead if it wants to keep pace.
Clearly, that might not be easy for any company over a third of a year, and for Hormel, it wouldn't be in character. To do so, the shares would need to reach roughly $32.60 by the time 2013 arrives, and from the current trading price of $28.84, that would be a climb of some 11.5%. In the prior five years, the period from the start of September through the end of December has seen Hormel average an increase of 7.2%, Yahoo! Finance data show.
Past performance, good or bad, is no guarantee of the future, but there you have it. Also worth remembering for Hormel, as this Investopedia article notes, is the possibility that the severe drought of recent months could drive up some of its product costs and potentially weigh on results.
How does it stack up against some other food stocks? From a basic valuation perspective, Hormel's got a forward price-to-earnings ratio of 14.9, putting it above Tyson (TSN) and ConAgra (CAG), but behind Kraft (KFT) and B&G Foods (BGS), the latter of which has a market capitalization around one-fifth of Hormel's. Return on equity for Hormel is 17.8%, whereas B&G comes in at 23.8%, and General Mills (GIS) registers 24.5%. Hormel beats ConAgra and Smucker on that measure.
The bottom line, is this: If you like jumping in and out of the same name, this one probably isn't your mark. But if your time horizon is years, not hours or minutes, it's another reminder that slow and steady, like Hormel, can have plenty of payoff. With or without Spam.
What's your take? Do you own food stocks, and if so, what do you like and dislike?


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Michal Dunbar to be the New Director of Sales Enablement for Chetu Inc.
Chetu is pleased to announce the promotion of Michael Dunbar to Director of Sales Enablement. As the Corporate Sales Trainer, Mr.
Dunbar has successfully trained Chetu's newest sales members with a flawless transition into Chetu's culture, policies, and procedures. Mr. Dunbar exemplifies what it means to be a leader at Chetu.
"Sales enablement is really what we have been doing all along here at Chetu…we just didn't recognize it as such," says Michael Dunbar, Director of Sales Enablement at Chetu Inc. "Sales enablement is a strategic, ongoing process that equips sales teams to have consistently effective engagements with prospects and customers throughout the buyer's journey."
Mr. Dunbar's role as the Director of Sales Enablement will be tasked with creating and streamlining the processes, policies, best practices, technologies and sales tools that improve the performance and productivity of the sales organization.
"It is a great honor for me to have been selected for this role," says Mr. Dunbar when asked about his promotion, "I look forward to the challenges that lay ahead of me as the new Director of Sales Enablement."
Mr. Dunbar will continue to work out of our Plantation, FL location.
About Chetu, Inc.:
Chetu optimizes development lifecycles by offering dedicated developers with specialized technology and industry expertise. Chetu's award-winning software development solutions that spans over many industries and software solutions.
For more information, visit us at: www.chetu.com
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University of Houston's Nike contract dwarfed by other major programs
The University of Houston might be one of the nation's top tier universities, but when it comes to athletics — specifically, how much the athletic department receives as part of its contract with Nike (NYSE: NKE) — UH pales in comparison to many of the nation's top departments.
That was one of the findings of a recent investigation by the Portland Business Journal, which sought to compare the contracts the nation's top 125 athletic departments have with shoe giants Nike, Adidas and Under Armour (NYSE: UA). More than half the schools provided copies of their deals. PBJ published its findings in an online database.
While the UH athletic department receives an annual equipment and apparel allowance from Nike of $550,000, according to public records, The University of Texas has an annual allowance of $2,530,000, plus $1,425,000 in cash — a package roughly seven times that of the University of Houston's.
Texas A&M University's deal with Adidas also dwarfs the Cougars' contract: The Aggies annually get $2.3 million in equipment and apparel, plus $1.42 million in cash.
Meanwhile, Texas and Texas A&M are both looking up at the University of Michigan, whose annual haul from Adidas of $8.4 million — including $3.8 million in cash — tops all universities in PBJ's database.
The contract the University of Houston's athletic department has with Nike might be dwarfed by many other schools, but there are plenty of departments looking up at UH. The University of Texas at San Antonio's deal with Adidas, for instance, gives it an annual "discretionary apparel allowance" of $275,000.
At the bottom of the shoe contract ladder is the University of South Alabama, which gets a relatively paltry $15,000 annually in equipment and apparel from Nike. At least the Jaguars get something, though. Teams in the Mid-American Conference still buy most of their equipment and apparel at wholesale prices, according to the PBJ report.
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In 2016, Argentina's book market generated $540 million in revenue, compared with $905.5 million in 2015. The numbers, which highlight the dire state of the country's publishing sector, were compiled by the Argentine consultancy Promage, which released the figures on Thursday at the Buenos Aires International Book Fair.
The 40% plunge can be directly attributed to changes in government policy instituted by Argentine president Mauricio Macri, who was inaugurated in December 2015. Among the moves affecting the industry was one to float the Argentine peso in international foreign currency exchanges, which resulted in devaluing the currency by nearly 50%. A decision to cease almost all government purchases of textbooks, which had accounted for $132 million in sales for the publishing industry in 2015, was also quite damaging.
"[Last year] was particularly difficult," said Javier López Llovet, general director of Penguin Random House for Latin America and Argentina. "People keep buying books, but they are buying less. If, in 2015, they went to the bookstores and bought two, three books, now they buy one. If the economy of Argentina were better, we would do better."
Publishers had hoped a change in government would give a boost to the book business, particularly after Macri appointed a former book publisher, Alejandro Pablo Avelluto, as his minister of culture. But Avelluto told PW shortly after he took office that "publishers should not expect special treatment."
One of the few bright spots under Macri was the end to a bizarre practice concerning imports, one stipulating that for every peso worth of product imported, the importer needed to export an equivalent sum in "Argentine product." After the regulation was changed, imports of books jumped 75%, from $40 million of in 2015 to $70 million in 2016, according to Promage.
As of 2014, Argentina had the third largest Spanish-language book market in the world, according to the International Publishers Association, trailing only Spain and Mexico. When updated statistics are released later this year, the drop in revenue may put Argentina into fourth place, behind Colombia, which has has a larger population and has been politically and economically stable in recent years.
Leonardo Neto is the editor of PublishNews Brazil and contributed reporting from the Buenos Aires International Book Fair.


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Iran, last year, exported 244 million dollars of saffron, long viewed as the world’s most expensive spice, but the trade is viewed more a bust than a bargain for the country.
As much as 170 tons of saffron was exported to 53 countries during the period, head of the Saffron Exporters Union Gholamreza Miri said.
The northeastern Khorasan province accounted for more than 148 tons of the exports which rose 27% versus the year before.
Iran produces around 95% of the spice described as the “red gold” which is laboriously collected from flimsy threads of crocus blooms. The crimson filaments are dried and used as seasoning or coloring in food.
Saffron cultivation has a history of more than 3,000 years in the Middle Eastern country but Iran gets a meager payback from the trade due to its cheap sales of the costly produce which are made in bulk.
Around 85% of Iran’s saffron exports go to the UAE, Spain, Saudi Arabia, Hong Kong and India which process and re-export the crop in sleek packaging with better value-added.
Each kilo of saffron fetches up to $2,000 in global markets but for local Iranian producers, it barely pays for the labor.
Traditional cultivation and harvest methods as well as bulk sales stand out as the drawbacks of the sector but officials say middlemen and speculators are an additional burden.
“Middlemen and speculators play a key role in price fluctuations which seriously hamper steady exports,” Miri told the Fars news agency.
Revenues pale in comparison with Iran’s prodigious oil sales but unlike the oil industry which is a holding of the state, the sector employs as many as 100,000 locals and is a mainstay of sustenance in rural areas.
While Iran dominates the global market for production of saffron, its share of the trade, put around $1.5 billion, barely surpasses $250 million.
By Press TV


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Orange, T-Mobile brands retained by new company Everything Everywhere
LONDON - The newly-merged parent company of Orange and T-Mobile is to be called Everything Everywhere.
The company, which will have a UK customer base of 30m, has announced plans to retain the Orange and T-Mobile brands, with each continuing to operate its own retail networks, marketing campaigns, and service centres. The company will be officially integrated on 1 July.
Guillaume van Gaver has been appointed vice president of marketing across Everything Everywhere, while Steven Day will operate as vice president of brands and communications. Andrew Ralston has been appointed chief commercial officer.
Lysa Hardy, previously head of brand and communications at T-Mobile, has been promoted to board level within the company as vice president of T-Mobile propositions. Pippa Dunn will assume the responsibility of vice president of Orange propositions, having previously been employed as director of 'pay & go' at Orange.
While the most senior positions have been announced, director level appointments are yet to be finalised. It is expected that Orange's brand director Spencer McHugh will remain working on ORange, having worked on the creation of the new brand along with Day and Orange chief executive Tom Alexander. Alexander now takes on the role of chief executive of Everything Everywhere.
Everything Everywhere is looking to "propel itself beyond mobile communications" by exploring new markets, increasing revenue streams in mobile advertising and mobile commerce.
"We are on the verge of a communications revolution. Up until a few years ago, mobile was just about voice and text - not now. It's our vision to give our customers instant access to everything everywhere, opening up a world of endless possibilities," said Alexander.
At the beginning of March, The European Union ruled the merger between Orange and T-Mobile could go ahead to create the biggest mobile network provider in the UK with 28 million customers.
This article was first published on marketingmagazine.co.uk
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"We know that parents are looking for advanced nutritional thinking when it comes to infant formula."
What makes Chinese snacks so popular amongst consumers, and will the face of the Western snacking industry be...
FoodBev Media’s Harriet Jachec spoke with two founders of alternative snacking brands. Akhil Kumar, founder of...
FoodBev discusses with Ronja Berthold and Minna Hakaoja about how companies should navigate concerns about sod...
At Expo West 2019, FoodBev Media's Harriet Jachec spoke with Ari Morimoto, director of marketing for Tcho Choc...
FoodBev spoke with Nielsen’s Gemma Cooper, and William Borrell, founder of Willow, to understand the competiti...
Alex Clere spoke with Matt Twiss, Crown Bevcan Europe and Middle East, about the can finishes the company had showcased at 2018's BrauBeviale. Read more
At BrauBeviale 2018, Alex Clere spoke with Rexnord's Ivan Soltero about new manufacturing solutions coming to the fore from the company. Read more
At BrauBeviale 2018, Alex Clere spoke to Dr. Elisabeth Wiesen, technical sales support for Barth Haas, who displayed new brewing ingredients at the show. Read more
Damien Kennedy, founder of the protein ice-cream brand WheyHey, details how the sector has responded to consumer demands for functionality. Read more
Each month, FoodBev will be interviewing a business leader from a different corner of the food and beverage industry. November brings insight from Kirsty Loveday, CEO of Love Drink... Read more
The CEO of DSM Food Specialties, Patrick Niels, talks exclusively to FoodBev about the scope of its latest joint venture with Cargill and the reaction among existing customers. Read more
Waterdrop has developed a way to "encourage people to drink more water", by way of Microdrink, which adds natural flavours to water for different functions. Read more
Vobe Nitro's co-founder, Cathy Lynch, spoke to FoodBev’s Alex Clere at SIAL Paris 2018 about the canned coffee's point of difference. Read more
FoodBev spoke with members of the Australian Manuka Honey Association to understand how companies can utilise Manuka honey without misleading consumers. Read more
ADM Wild's Bastian Hörmann and Jochen Kistner explain how the company aims to present itself as a one-solution ingredient supplier. Read more
© FoodBev Media Ltd 2019
World Dairy Innovation Awards – now open for entries
Enter before 10 May to ensure you are part of the industry’s leading awards scheme. Don’t miss out on having your dairy innovations recognised.


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Ning, the Web site builder co-founded by Netscape founder Marc Andreessen, has been sold to Glam Media for an undisclosed sum. The site will become a part of Glam's platform portfolio.
The social-network builder now has a directory of about 30 applications built with the open-source technology.
Business is restructured to focus on paid customers, a memo from CEO Jason Rosenthal tells its workforce--which is about to be reduced by 40 percent.
The build-a-social-network platform lets site owners keep 50 percent of the revenue generated after PayPal's transaction fees are processed.
The number of Ning users was initially incorrect in this post. It has about 32 million users, and 1.5 million social networks have been built on the Ning platform.
Build-your-own-social-network service makes public a platform that lets users embed more than 90 apps and widgets for things like donation collections or ticket sales.
Its finalized application platform, Ning Apps, goes into private beta on Thursday and will launch in full later this month.
Co-founded by Marc Andreessen and Gina Bianchini, the service launched in March 2007 and has 22 million registered users.
Adult content is no longer tolerated on the build-your-own community-site service; CEO Gina Bianchini says it's because it's difficult and costly to police and maintain.
CEO Gina Bianchini says that her company is gaining traction, minting a new social network every 30 seconds.


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The hiring of Mark Breier, former vice president of marketing at Amazon.com, comes as Software.net spins off a sister unit, e-commerce service provider CyberSource, as a separate company. (See related story.)
Software.net also will announce tomorrow that it has struck a deal to be the exclusive software vendor on Excite (XCIT). The latest deal follows Software.net's earlier announcement of similar deal with America Online (AOL).
The AOL deal, a three-and-a-half-year commitment, calls for Software.net to pay $21 million. Neither Excite nor Software.net would disclose the size of their respective multimillion-dollar deals, but sources close to the companies value them at under $9 million.
"One of the key ways you go about building a brand on the Internet is locking up some key real estate," said Bill McKiernan, a Software.net cofounder who is now the company's chairman. "This is consistent with our strategy and locking up the key real estate."
Breier will take over as Software.net CEO next week, reporting to McKiernan, who will remain as CEO of CyberSource, a provider of back-end e-commerce services for Software.net and for some 250 clients that distribute digital goods. Its services include credit card processing, fraud control, export control, a license clearinghouse, and downloading services.
"We want Mark to make Software.net the Amazon of software," McKiernan said. "We want to be the category-killer in that space. He understands merchandising and the Internet."
"The opportunity here is in many ways parallel or maybe even bigger than at Amazon.com," Breier said. "The computer match to software purchases is a one-to-one match, and the size and growth of the category over the next five years is potentially real strong."
Breier's strong consumer marketing background may provide a hint to Software.net's future directions. Before Amazon.com, he was vice president of marketing at several consumer companies, including Cinnabon World Famous Cinnamon Rolls and Dreyer's Grand Ice Cream. He also held product- and brand-management positions at Kraft and General Mills.
Software.net posted 1997 revenues of $17 million and expects 1998 revenues of between $40 million and $60 million. The AOL and Excite deals, however, could push that figure even higher.
McKiernan cited a recent report by Jupiter Communications that estimated total online software sales for last year at $69 million. The report said software sales are expected to reach $2.3 billion in 2002.
"This space today is very small by any relative metric, but we think online software sales and electronic distribution will grow dramatically in the next two or three years," McKiernan said. "In order to participate in that growth, you have to create a very strong brand."


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The script has become a familiar one for consumers.
First a company announces that it's acquiring a rival firm. Both businesses declare this will be great for customers.
Federal regulators, in most cases, then say that they've looked closely at the deal and don't see any problem.
The buyout goes through and — what do you know? — prices eventually go up and the quality of the product or service shows...Read more
Taylor Hutchinson acknowledges that she should have known better than to run up about $3,000 in debts.
"I was working a part-time job and not making enough," Hutchinson, 25, told me. "Then the debt collectors started calling."
The Indio resident, like many others still struggling during the long recovery from the Great Recession, now wants to get her financial house in order. She wants to improve...Read more
I have seen the future, and it doesn't have cable TV.
Our house is undergoing some repairs, so we've been staying elsewhere for the last week. I've been using my tablet computer for online access to HBO, Showtime and the other premium networks that make up the bulk of my TV viewing.
And you know what? It hasn't been the eye-straining, no-fun experience I'd been expecting. In fact, watching movies...Read more
CVS Health did something the other day that we don't see enough in the business world.
It stood up for its principles.
The pharmacy giant announced it was quitting the U.S. Chamber of Commerce after reports that the influential business organization was lobbying against anti-smoking laws around the world.
CVS said last year that it would no longer sell tobacco products in its stores. The company declared,...Read more
As leading health insurers scramble for market share through a series of multibillion-dollar mergers, consumers are no doubt wondering if their premiums are bound to skyrocket.
Short answer: Probably.
"That's what usually happens when you have less competition," said Erin Trish, a researcher at USC's Schaeffer Center for Health Policy and Economics. "At the same time, though, consolidation among insurers...Read more
About $4 million worth of checks are now in the mail to partially compensate thousands of consumers who lost money to a group of sleazy Southern California debt collectors.
According to the Federal Trade Commission, the checks close the book on a settlement reached last year with Asset and Capital Management Group, a debt-collection firm that purchased people's financial obligations from creditors...Read more


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Apple went on a well publicized purge of “sex apps” over the last few days, removing an estimated 5,000 applications from its App Store. The latest victim is a swimsuit designer from the UK. Simply Beach was notified that its app was being removed from the App Store on Monday. The shopping app contained images of the swimwear, beach accessories and cover-ups that the company sold in its store.
“To be honest we thought it was a spam joke,” said Gerrard Dennis, the Managing Director of The Simply Group who operates Simply Beach. “We then checked iTunes to find the app had in fact been removed. It seems like political correctness gone mad. It’s just women in bikinis, swimsuits and kaftans.”
Dennis said they resubmitted the app and asked Apple for clarification, but received no reply yet.
“The images on the app are no more sexual than you would find in any Sunday newspaper, and there is no age restriction on buying those,” said Dennis. “There are plenty of sexual apps in iTunes and to categorize our shopping app as one is ludicrous.”
While many agree with Apple’s move to rid the app store of apps that show scantily clad women, some have also warned of the slippery slope Apple is heading down.
Obviously, overtly sexual apps are not the only way to view this type of material on the iPhone. You can use Safari to search for much more graphic porn on the Internet and even Mail can be used to send and receive porn images.


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Longtime exec in Austin's chip industry is heading west to take the reins at the California chipmaker.
The developer of Dragon voice recognition software wants to create home appliances that respond to voice commands -- even when they're off.
An Android tablet will launch in India at a subsidized price of $22. But even without the government subsidy, it's still cheap at about $60.
A new lawsuit sets its sights on mobile-phone makers for allegedly infringing five patents held by two different companies.
Gil Amelio, Ellen Hancock, and Steve Wozniak launched a blank check start-up in 2005. Less than three years after writing that check, investors see most of their equity disappear.
Semiconductor spin-offs are all the rage. Do you think they're good deals for everyone involved? Think again. Here's a look at 10 notable chip divestitures.
These 10 public technology companies were once important, even exciting. Now they're well on their way to obscurity.
IPOs are a huge event in a company's life, and definitely something to party about. That said, they're not the be all and end all that many expect them to be. Some turn into disasters.
Getting USB modems to work in Mac OS 9.1/9.2
High-tech branding needs some help, according to Steve Tobak. Just look at some of the spin-off and product names, and you'll see what he means.


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Central Florida's tourist industry is hoping for a solid Labor Day weekend, but as hotels routinely grapple with empty rooms, few are expecting a spectacular finale to the summer.
A stew of not-so-positives, including higher gasoline prices, fresh memories of two disastrous hurricane seasons and stagnant wages for the ever-so-important middle-class, weighs on summer travel this year.
Yet the nation's love affair with a summer family getaway endures. AAA Auto Club South estimates 35.2 million Americans will travel 50 miles or more during the three-day weekend, slightly more than hit the road last year.
There are signs of economic strain. Fewer travelers plan to stay in hotels, and the auto club says an increasing segment of those who do will want a stove and a refrigerator in their rooms, allowing them to eat out less. But even with gasoline prices higher than last year, the national wanderlust remains alive.
"Summer vacations are a tradition, and Labor Day is the last weekend of summer," said Betsy Couch, spokeswoman for Visit Florida, the state's government-funded tourism bureau. "We are remaining very optimistic about Labor Day."
The threat of hurricanes, which dampened travel plans for many in 2004 and 2005, remains a concern. TripAdvisor, a travel-information service, found that a third of 2,000 people surveyed wouldn't consider traveling to a region known for frequent summer hurricanes. And this year, significantly more people -- 54 percent, up from 36 percent in 2005 -- said they would be likely to buy hurricane-cancellation insurance.
Hurricanes figured in Alex Tate's vacation plans. The Columbia, S.C., resident said he and his wife considered traveling to the Caribbean this weekend, but they decided the chances of running into a storm in Orlando were slimmer.
"We booked reservations two months ago," said Tate as he waited to check in at the Crowne Plaza on Universal Boulevard. "We thought about Las Vegas, but travel time was an issue. So we decided on Orlando."
Solid showing so far
Though few statistics are available on summer travel to Central Florida, Orlando's major theme parks report a solid summer. SeaWorld said it had particularly strong in-state traffic -- partly the result of promotional programs and a new show.
Donna Ross, president of the Florida Attractions Association, said tourist attractions in Orlando and around the state did well.
"It's been a pretty good summer, no double-digit gains, but pretty good," Ross said. "The good news is that people know Florida is prepared, and there is no reason not to come to Florida at this time, which is also the least expensive time of the year to visit."
David Bennett, a tourist from Scotland staying at the Quality Inn on International Drive, is the sort of person Ross has in mind. Bennett said this is the fourth summer that his family of three has come to Orlando.
"Hurricanes don't give me pause," Bennett said. "We were here during Katrina last year, and it didn't faze us. This is our favorite time of the year here. It's a great time to see the sights."
Central Florida's theme parks normally count on large numbers of customers during Labor Day weekend, the year's fifth most heavily traveled holiday.
This weekend, Disney is hosting the Tom Joyner Family Reunion, an event in its fourth year that is expected to draw at least 5,000. The four-day gathering features music and special events for families that pay an average of $1,500.
"We sold out all our packages this year, which is the first year we've done so," said Neil Foote, Joyner's spokesman.
Rebounding from Katrina
Last year, Hurricane Katrina left the travel industry in near disarray. Evacuees from the Gulf Coast spread across the Southeast looking for lodging. Gasoline prices soared after oil refineries along the Gulf Coast ceased production and some hotels reported cancellations as people changed vacation plans.
The absence of a major hurricane so far this year may have assuaged some travelers' concerns, but hoteliers say late summer bookings have been lackluster.
"We are pacing almost dead even with where we paced last year," said Greg Hauenstein, general manager of Wyndham Palace Resort and Spa in Lake Buena Vista. "It appears like it will be business as usual. September is looking like it will be a bit of a challenge."
Like many area hotels, the 1,000-room Wyndham is undergoing a major renovation, which Hauenstein said probably reduced business in recent months.
For the past year, Metro Orlando hotel-occupancy rates have been down, though room rates have increased substantially.
Smith Travel Research, which collects occupancy data, reported Orlando-area levels fell 4.5 percent in July from a year earlier. But the Orange County Comptroller's Office on Friday said collections increased 3.9 percent in July from the same month in 2005.
Despite local hand-wringing about the occupancy rate, Orlando remains the world's third-most-popular summer destination according to TripAdvisor, falling behind Las Vegas and London but outshining Paris, New York, Rome and San Francisco.
No marketing campaign is likely to lessen people's concerns about fuel prices, which are adding to the cost of driving and flying. But AAA said that Americans show no sign of abandoning vacation travel.
"I think people feel they have a right to go on vacation, to take some time away from their daily lives," said Peter Kacheris, general manager of the JW Marriott Grande Lakes Resort. "That's why we're not seeing a big drop in travel. People may not eat at a premium restaurant every night, but they are still getting away."


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YouTube is bigger and growing faster than previously thought, according to a new report.
Estimates released Wednesday by research firm eMarketer peg revenue for Google’s video site at $5.6 billion this year, up 51% from $3.7 billion in 2012. That’s significantly faster growth than estimated by Mark Mahaney of RBC Capital Markets, who thinks YouTube revenue will grow 32% to $4.7 billion this year.
Google doesn’t disclose financial information for YouTube.
If eMarketer is correct, YouTube would be about nine times the size of Twitter, as measured by revenue. Analysts expect Twitter will post revenue of $640 million this year. Twitter is valued at $29 billion, suggesting that YouTube significantly boosts Google’s value.
There’s a caveat, however. EMarketer measured YouTube’s gross revenue, the amount Google takes in from advertisers before paying a cut to certain content providers. After those fees, eMarketer estimates Google’s net revenue at roughly $2 billion this year.
The net revenue may be conservative. It translates to about 35% of the gross revenue. But content providers say Google’s cut is more typically around 45%. That suggests YouTube’s net revenue may be greater than eMarketer suggests.
YouTube may be able to generate more revenue after the Google unit agreed to allow Nielsen ad-tracking tags, which help measure online ad performance in a way that is comparable to the television ratings marketers have long relied on.
Mark Suster of Upfront Ventures, an investor in Maker Studios, a large YouTube content partner, says the video platform will be Google’s biggest revenue driver over the next few years. “I wouldn’t be surprised if a few years down the road this represents $20 billion of revenue” for Google.


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NEW YORK (Reuters) - Zynga Inc, the top social games publisher on Facebook, is buying a Toronto-based mobile applications developer, in a move that could help it expand beyond the social network.
On Friday, Zynga said in a blog post it was buying Five Mobile Inc, a Canadian company that develops mobile applications for large companies. Financial terms of the deal were not disclosed.
The transaction is Zynga’s 15th acquisition in 13 months.
As part of the deal, four of the company’s employees will join Zynga and work at the newly created “Zynga Toronto,” the company’s first development studio in Canada. Canadian provinces such as Ontario, British Columbia and Quebec offer attractive tax incentives for video game companies.
Zynga is the top games publisher on Facebook and its main revenue generator comes from selling virtual items such as tractors and weapons in games on personal computers. It has taken steps to reduce its reliance on Facebook in recent months by acquiring companies focused on mobile games so it can come out with more games users can play on smartphones and tablets.
The news comes a week after Zynga filed with regulators on July 1 for an initial public offering of up to $1 billion.
Reporting by Liana B. Baker; Editing by Richard Chang


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At this stage of the cannabis industry’s growth, cash is important. The businesses that can afford to expand will benefit from larger shares of the market. This is one of the reasons that Cronos Group Inc. (NASDAQ: CRON) is again a top pot stock in June.
Looking at the past 30 days, this stock is up 15.33%. The stock market is now rallying with investors seeing recovery beyond the Coronavirus Pandemic. Pot stocks have been bolstered by wider market confidence, as well as some strong revenue data from within the cannabis industry.
Cronos is frequently featured as a stock pick for alternative investors. Today, there’s some important data that could bring new shareholders on board. According to its most recent balance sheet, the company has $1.56 billion CAD in cash, making it one of the most cash-rich businesses in its industry. It has steadily been working to reduce operating losses. Revenue growth is helping to drive the company towards profitability.
Cash will support the company in the meantime and give it more flexibility to increase its presence in a rapidly growing market. Still bargain-priced and packed with potential, this is an affordable stock for cannabis investors.
- 1 Year Price Growth: -54.09%
- YTD Price Growth: -13.69%
- 3 Month Price Growth: 44%
All information is based on current and historical market data, as well as publicly available financial data. As with any financial decision, your own research is important. Stock market outcomes can never be 100% accurately predicted. Familiarity with historical data, individual industries, and individual stocks is key to developing a robust portfolio. Note that stock prices can fluctuate rapidly during trading sessions.


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Oct 27th, 15Ford shows off an F-150 inspired corn maze [video]
Ford is getting to the fall spirit by showcasing an F-150 inspired corn maze created on the outskirts of Napoleon, Ohio.
Oct 15th, 15Ford unveils seven F-150s for SEMA
Ford has announced plans to introduce seven modified F-150s at SEMA.
Oct 1st, 15Ford F-150 Raptor prototype tackles the Silver Lake sand dunes [video]
Ford has released a new video showing an F-150 Raptor prototype tackling the Silver Lake sand dunes in Michigan.
Sep 15th, 152016 Ford F-150 to become the first vehicle to feature Micromill aluminum
Ford and Alcoa have announced the 2016 F-150 will become the first automobile to feature the latter company's "breakthrough" Micromill technology.
Aug 21st, 152017 Ford F-150 Raptor prototype tackles the trails of northern Michigan [video]
Ford has released a new video which shows a 2017 F-150 Raptor prototype undergoing testing in northern Michigan.
Aug 19th, 15Roush unveils their rugged Ford F-150
Described as an "incredible new addition to the Roush lineup," the truck has a rugged appearance as it features a new front bumper, a revised grille and extended fender flares.
Aug 7th, 15Ford's "crazy-smart" engineers add sport mode to F-150
Ford has announced plans to offer a Sport Mode for the F-150 sourced from the new Mustang.
Aug 4th, 15Top Gear-featured Hennessey VelociRaptor up for sale
A Hennessey VelociRaptor tested in Top Gear is currently listed for sale
Jul 21st, 152016 Ford F-150 Limited announced as most luxurious F-150 ever [video]
Ford has taken the wraps off the 2016 F-150 Limited billed as the company's "most advanced and luxurious truck ever."
Jul 8th, 152017 Ford F-150 Raptor prototype tackles the southwestern United States
A 2017 Ford F-150 Raptor prototype has successfully completed more than 1,000 miles (1609 km) of testing in the southwestern United States.
Jun 24th, 152016 Ford F-150 unveiled with new options and a SYNC 3 infotainment system
Ford has announced a series of updates to the 2016 F-150.
May 21st, 152016 Ford F-150 to offer a new Pro Trailer Backup Assist feature [video]
Ford has announced the 2016 F-150 will be offered with a trick new feature called Pro Trailer Backup Assist.
Jan 26th, 152017 Ford F-150 Raptor's V6 EcoBoost engine makes 450 HP
Ford has confirmed the 3.5-liter V6 engine of the 2017 Raptor produces 450 HP
Jan 12th, 152017 Ford F-150 Raptor bows in Detroit with more than 411 bhp [video]
The North American International Auto Show continues as Ford has taken the wraps off the highly-anticipated 2017 F-150 Raptor.
Dec 17th, 14Hennessey previews the VelociRaptor 600 Supercharged
Hennessey has released the first renderings of their upcoming VelociRaptor 600 Supercharged.
Dec 13th, 14GM & Ford considering electric pickups
Ford Board Member and Pacific Gas and Electric CEO Tony Earley has revealed Chevrolet and Ford are considering electric versions of the Silverado and F-150.
Dec 12th, 14Ford Focus RS rumored to debut in Detroit
Ford recently confirmed plans for a Focus RS and a new report is indicating it will be unveiled at the North American International Auto Show in Detroit.
Dec 4th, 14Ford confirms development of F-150 Hybrid
A Ford representative has announced they are "working very hard" on an F-150 Hybrid.
Nov 21st, 14Ford reveals 2015 F-150 fuel economy ratings
The highly-anticipated fuel economy numbers are in for the 2015 Ford F-150.
Nov 11th, 142015 Ford F-150 production begins today [video]
Ford announced production of the aluminum-bodied 2015MY F-150 has commenced today.
Nov 4th, 14Ford showcases four more F-150s for SEMA
The SEMA news continues as Ford has taken the wraps off four F-150s which will debut at the show.
Oct 20th, 14Ford tricks out the 2015 F-150 for SEMA
Ford has prepared a pair of heavily customized 2015 F-150s for this year's SEMA show in Las Vegas.
Aug 22nd, 14Lincoln Navigator replacement coming in two years - report
Lincoln is reportedly working on an all-new Navigator that could be introduced two years from now
Aug 21st, 142015 Ford Mustang to receive 10-speed gearbox - report
A new report is indicating the Ford Mustang will soon get a 10-speed automatic transmission
Aug 14th, 14Ford highlights the seamless sliding rear window on the 2015 F-150 [video]
Ford has announced the 2015 F-150 will feature a seamless sliding rear window.
Jul 29th, 14Aluminum-bodied 2015 Ford F-150 priced from 26,615 USD, only 395 USD more over 2014MY
Ford has announced pricing details for the aluminum-bodied 2015MY F-150 scheduled to go on sale later this year.
Jul 22nd, 142015 Ford F-150 V6 engine specifications announced [video]
Ford has released performance specifications for two of the V6 engines in the 2015 F-150.
Jun 26th, 14Power Wheels introduces 2015 Ford F-150 for kids [videos]
Power Wheels has launched a new series of motorized toy cars based on the 2015 Ford F-150.
Jun 2nd, 142015 Ford F-150 shows its aluminum body in Detroit
The all-new 2015 Ford F-150 was spotted on the streets of Detroit, prior to entering series production later this summer.
Mar 22nd, 14Ford F-150 interior restyled by Carlex Design
Polish-based interior specialists Carlex Design have restyled the cabin of a previous generation Ford F-150.
Mar 8th, 14Ford introduces the 2015 F-150, F-Series Super Duty & Expedition King Ranch [video]
Ford has released the first pictures of the 2015 F-150, F-Series Super Duty and Expedition King Ranch.


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CARACAS, Venezuela (AP) – Residents of Venezuela's capital spent a nervous weekend with dramatic measures announced by President Nicolas Maduro to save a downward-spiraling economy, including an increase in the minimum wage of more than 3,000 percent.
The changes begin on Monday with the introduction of a new currency that removes five zeros from the country's rapidly declining bills. Maduro says he will also raise fuel prices to an international level – a combination of measures that critics say will only make things worse.
Opposition leaders seized on tensions among residents and called for a nationwide strike and protest on Tuesday. They hope to mobilize masses against Maduro's socialist ruling party ̵
Banks will close Monday as they prepare to release the "sovereign Bolivar," the new five-currency-printed currency, with fewer zeros to curb inflation. Maduro's government says that by the end of September, the world's cheapest gas will rise to international levels to curb rampant smuggling across borders.
Maduro said on Friday that the minimum wage will rise dramatically soon.
Economists say the package will likely accelerate hyperinflation rather than addressing its economic problems, such as oil production, which has fallen to 1947 levels.
"The conversion of the Bolivar will be like being under the knife of a famous plastic surgeon from Caracas," Johns Hopkins The University Economist Steve Hanke wrote on www.forbes.com. "The look changes, but in reality nothing changes, that's what the Bolivar expects: a facelift."
The lines on Saturday were longer than normal on a street market in Caracas where people were stocking up on the uncertainty What will come this week? Many were frustrated with bank card readers who were slow to register or failed and forced some to leave their goods empty-handed.
"You have to be patient," a seller of grain told customers. Many other businesses remained closed, unsure what prices should be set for their goods.
Venezuela was once among the wealthiest countries in Latin America, retaining the world's largest proven oil reserves, but a recent decline in oil prices accompanied by corruption and mismanagement. Decades of socialist rule have put the economy in a historic economic and political crisis.
Inflation could exceed 1 million percent this year, according to International Monetary Fund economists.
Inflation has made it difficult to find paper money. The largest bill under the outgoing cash register system was the 100,000 Bolivar note, which was below the usual black market rate of less than 3 cents. A cup of coffee costs more than 2 million bolivars.
The new paper bills will have two coins and paper pieces from 2 to 500. The lowest corresponds to the purchasing power of 200,000 current Bolivarians, while the highest represents 50 million
The old and new currencies will remain in circulation together for a transitional period.
The government took a similar step in 2008, when then-President Hugo Chavez issued a new currency that eliminated three zeros to combat rising inflation. 19659002] Maduro announced on Friday also a jump in the minimum wage by more than 3000 percent, which increased at the widespread black market rate to about 30 dollars. It is not clear when the change will begin.
Maduro has contributed to the confusion by announcing that he wants to tie wages, prices and pensions to the Petro government – a cryptocurrency announced in February that has not yet been circulated. He said a Petro would be $ 60, with the aim of setting a single floating rate linked to the digital currency in the future.
"The next few days will be very confusing for both consumers and the private sector traders," said Asdrubal Oliveros, director of Caracas-based Ecoanalitica. "It's a chaotic scenario."
A coalition of opposition leaders and union officials said Sunday they called for a strike and protest on Tuesday.
"The measures announced on Friday are not an economic stimulus for the country," opposition leader Andres Velasquez said. "On the contrary, they mean more hunger, more ruin, more poverty, more suffering, more pain, more inflation, more worsening of the economy."
Business owners say they fear that the sudden pay rise would make them unable to pay employees without sharply rising prices, even though Maduro wanted to help small and medium-sized businesses in the first three months.
Jesus Pacheco, who employs six employees at his butcher shop in Caracas, said on Sunday that he had no choice but let some of his employees go to stay in business. He assumes that slaughterhouse prices will rise for him.
"They will buy products, and they are more expensive," Pacheco said. "We have to lay off staff, what else can you do?"
Copyright © The Associated Press. All rights reserved. This material may not be published, transmitted, rewritten or redistributed.
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Tunisia’s biggest mall opens on September 29
Tunisia’s biggest shopping mall, “Tunis City”, will open on September 29, 2005. “Tunis City”, which is located near the Ennahli National Park, is also close to the Tunis-Bizerte motorway making it easily accessible.
La Presse reports that the new mall covers an area of 55,000 square meters, and is expected to create 1,300 new jobs. "Tunis City" will include a 12,000 square meter supermarket, which is under the Géant franchise that belongs to the French Casino group. In addition, “Tunis City” will have a food court and a leisure center with a play section for children.
The parking area will initially accomodate up to 2,500 cars and is slated for expansion.
Mohsen Zrelli, the General Manager of the mall, said that 90 % of the products to be sold in “Tunis City” will be “made in Tunisia” in order to promote Tunisian products.
- Mall of the Emirates to house region's biggest Debenhams
- Young ‘Made in UAE’ designers celebrate graduation during biggest private fashion show in Dubai
- Xbox 360 to showcase biggest blockbuster games and Kinect titles at GAMES11
- Bahrain City Centre set to open its doors on September 1
- New business centers to be opened in Tunisia


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Some 200 mobile phone users in Caen, in the northwestern part of France, are learning first hand what Near Field Communications (NFC) technology is all about. Want to buy something? Wave your cell phone. Want to use a car park? Hold your cell phone up to the reader. Want information on a tourist site? Hold your cell phone…well, you get the idea. As the Caen trial illustrates, the cell phone is becoming the “Swiss Army Knife” of the modern world.
“What we have in Caen is a world first – not the first NFC trial, but the first in the size and number of applications,” said Christophe Duverne, vice president, Identification of marketing and sales for the Netherlands-based Philips Semiconductors which is taking part in the pilot. Mr. Duverne is also chairman of the NFC Forum, an organization created last year to, as he put it, “evangelize NFC.”
Jointly developed by Philips and Sony, NFC is a combination of contactless identification and interconnection technologies that enables wireless short-range communication between mobile devices, consumer electronics, PCs and smart objects. NFC, says Mr. Duverne, offers a touch-based solution that allows consumers to exchange information and to access content and services.
With this Philips-developed technology, the 200 randomly chosen residents in Caen will use mobile phones with an embedded Philips NFC chip as a means of secure payment in selected retail stores, parking facilities and tourist sites around town. For the six-month trial, Philips is working with France Telecom R&D, mobile phone network operator Orange, handset manufacturer Samsung, and French retailers Groupe LaSer and Vinci Park, along with the City of Caen, which is allowing some of its tourist attractions to be “tagged” with RFID chips.
The point-of-sale (POS) solution is based around the Ingenico 5100 terminal. According to Dominique Gauthier, Strategic Marketing Manager, Ingenico, “the 5100 is the best selling terminal in the world. With one million units deployed in just two years, it accounts for almost 10% of the (POS) market.” Completing the solution is a contactless reader from OTI that attaches to the Ingenico terminal.
“The great potential of NFC is being illustrated in Caen where consumers can easily use this technology to simplify transactions, obtain information and reduce the amount of time spent in queues (lines),” said Mr. Duverne.
“We are excited about the technology. It shows what we have been preaching for a number of years is finally coming to fruition,” he added. “This is something people can really relate to. The technology is so obvious you wonder why it didn’t happen earlier. It’s something you can see and feel for yourself. And you don’t have to go through so many steps to make it work. When you go into a car park, for instance, you just bring your cell phone near the reader.”
This became evident when the NFC trial was first introduced. “We took a group of journalists around the city, like a two mile walk so people really had a chance to look at the applications,” said Mr. Duverne. A clerk at one of the stores provided input, said Mr. Duverne, on how consumers were handling the technology. “The feedback we received was that things were very simple to use. It was good to have that confirmation.”
A number of “information points” were created throughout the city–for example, posters with RFID tags or video streaming applications. “For example there was a poster advertising a movie. You wave your cell phone past it and you get directed to a web site where you can see a preview of the movie,” said Mr. Duverne.
Why Caen? Actually, the broader question is why France? “The French government is trying to develop competitive hubs in a number of areas,” said Mr. Duverne. “In Caen, the competitive hub is being developed around secure electronic applications.”
He said that after the initial 200-user trial, “we’ll go commercial, on a bigger scale. As we move forward, we’re going to recruit more alliance partners for this trial. We’ll add more retailers and a few more applications. Once we have significant data points, we’ll move forward. We are really committed to this.”
More on the actual Caen applications …
Currently, the range of services and applications for the NFC-enabled Samsung phone (the D500) includes:
- Retail applications: Groupe LaSer Chains, which include Monoprix (supermarket) and Galeries Lafayette (department store), are equipped with NFC payment terminals enabling users to pay at checkout using their NFC phone. Along with more stores, the trial will eventually add a cashless payment scheme in partnership with Cofinoga, the consumer credit arm of Groupe LaSer, said Mr. Duverne. Point-of-sale hardware from Ingenico powers the trial’s retail payment environments.
- Car park access: When users wish to access a car park, they simply pass their NFC-enabled phone in front of the entrance booth. The car park ticketing application automatically issues a virtual ticket on the mobile phone and debits the cost from the user’s season card or pre-paid account when the phone is passed across the terminal when the user exits the car park.
- Tourist services: When an NFC phone is swiped across information points at landmarks in Caen, a phone call will be made or SMS message received containing tourist information about the site.
- Active Posters: During the trial, more applications will be added, including the ability to purchase mobile phone content, such as ringtones and wallpaper, through posters that include embedded NFC tags. Also, residents can use their phones to download a city bus schedule from a poster at the bus stop. The download gives either an audio or visual schedule.
According to Philips, the solution used in this trial incorporates secure, over the air (OTA) download of applications on a GSM network and automatically recognizes the appropriate application to launch when an NFC connection is made. In addition to NFC, the Samsung phone also incorporates a Philips smart card chip, enabling users to make payments and use banking applications.
“Effectively NFC is contactless,” said Mr. Duverne. “The major difference is that the NFC chip in a cell phone can act as a card and reader, while a contactless chip can only act as a card. (A card or chip) is not powered, like a cell phone.”
What will it take for NFC to become mainstream?
Because the contactless infrastructure is already available in the U.S., Mr. Duverne believes that will facilitate an NFC rollout there, possibly as early as next year.
“One of the things that needs to happen is the availability of commercial handsets,” he said. “What we’ve had so far are prototypes but we expect to see several companies in 2006 come out with NFC-capable handsets. The elements are there today for companies to develop the applications.”
To drive development and adoption of NFC, Philips, Sony and Nokia established the NFC Forum about one year ago. The Forum is a non-profit industry association which promotes implementation and standardization of NFC technology. The Forum currently has more than 60 members around the globe including MasterCard International, Matsushita Electronic Industrial Co, Ltd, (Panasonic), Microsoft, Motorola, NEC Corporation, Renesas Technology Corp., Samsung, Texas Instruments, and Visa International.
“We established three major objectives (for the Forum),” said Mr. Duverne. “We want to have the leading companies involved in NFC, good geographic coverage, and good industry coverage, not just with semiconductors but with handsets too. We’ve achieved all three objectives,” he said.
“Our aim is to evangelize the technology and on the other hand to work on standardization issues. In both areas, we are making good progress. It’s important that we can deliver on the specs that companies can implement fairly quickly.” He believes this will be done in the first few months of 2006. “There will be enough elements in place for companies to do NFC implementations,” he said.
“NFC will fundamentally change the way consumers use technology and businesses implement it,” added Mr. Duverne. “NFC will have a tremendous impact on our day-to-day lives, and I’m pleased that Philips, France Telecom, Samsung, Groupe LaSer and Vinci Park together have made this first broad-scale rollout of NFC possible.”
Explore more developments dealing with the implementation of Near Field Communications, a short-range wireless technology that promises to revolutionize contactless identification, payment, access, and more. Click to visit NFCNews.


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The Police would like to alert members of the public to the re-emergence of phishing scams involving the delivery of parcels. Since January 2022, at least 454 victims have fallen prey to such scams, with total losses amounting to at least $675,000.
Victims of such phishing scams would receive emails or text messages informing them that their parcels were awaiting delivery. Victims would click on a Uniform Resource Locator (URL) link embedded in the messages to view information regarding their parcel deliveries. Upon clicking on the URL links, victims would be redirected to fraudulent websites, which would request for their credit or debit card details and One-Time Passwords (OTPs). Victims would only realise that they had been scammed when they discovered unauthorised transactions made to their credit or debit cards.
Members of the public are advised to follow these crime prevention measures:
- Do not click on URL links provided in unsolicited emails and text messages;
- Always verify the authenticity of the information with the official website or sources;
- Never disclose your personal or Internet banking details and OTP to anyone; and
- Report any fraudulent credit or debit card charges to your bank and cancel your card immediately.
If you have any information related to such crimes, please call the Police Hotline at 1800-255-0000, or submit it online at www.police.gov.sg/iwitness. All information will be kept strictly confidential. If you require urgent Police assistance, please dial ‘999’.
For more information on scams, members of the public can visit www.scamalert.sg or call the Anti-Scam Hotline at 1800-722-6688. Join the ‘Spot the Signs. Stop the Crimes’ campaign at https://www.scamalert.sg/resources/fight by signing up as an advocate to receive up-to-date messages and share them with your family and friends. Together, we can help stop scams and prevent our loved ones from becoming the next victim.
SINGAPORE POLICE FORCE
27 June 2022 @ 7:13 PM


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Hopi, a yet-to-be-launched Dubai-based direct-to-consumer subscription contact lens startup has raised seed funding from Esanjo Ventures, a trading, investment and technology firm founded by JadoPado’s Omar Kassim, the startup announced today in a statement to MENAbytes. The startup did not disclose the exact size of investment but confirmed to MENAbytes that its a six-figure (USD) deal. It is Omar’s first investment since exiting JadoPado to Noon in 2017.
Founded earlier this year by Kristian Stinson and Charles Wright, Hopi had run a lead generation campaign to understand market demand in the UAE. The campaign that offered customers a discounted supply of lenses in exchange for their early-signup, per statement, secured more than 19,000 (email) subscribers in less than two weeks. This does not mean that all of them will turn into customers but it’s still a very large number that seems interested in the product.
Charles Wright, co-founder of Hopi, said that the results surpassed their expectations and prompted them to seek funding rather bootstrapping the business.
“Hopi’s subscription model ensures consumers can receive high-quality prescription lenses to their door, at a fraction of the cost of branded retail lenses,” said the co-founders in a statement.
The startup plans to use the funding to begin shipping its own range of optical and colored lenses to customers across UAE, with deliveries expected to begin later this year. Hopi is producing lenses by partnering up with Taiwanese optics manufacturer Pegavision.
Kristian Stinson, commenting on the occasion, said, “Contact lenses can be costly, so many GCC residents choose to buy them in bulk abroad rather than purchase them locally. Hopi aims to remove the barriers to buying with on-demand delivery of premium and reliable lenses to consumers across the region.”
Charles and Kristian had consulted with Omar in February when the startup was at inception.
“Given his track record, we were delighted at the prospect of partnering with Omar. We knew immediately that he and Esanjo Ventures would be an ideal fit for our company,” noted Kristian.
Omar Kassim, the Chief Executive Officer of Esanjo, said, “We’re super excited about working with both Kristian and Charlie to bring a new, direct-to-consumer e-commerce concept to market. Contact lenses are a great, high repeat category and we see lots of adjacent opportunities to expand into in the near future.”
Hopi aims to use the investment to fund its UAE launch and to build market share. The startup also has plans to expand into Saudi and other Gulf markets over next 18 months.
The startup did not share any details about their pricing in the statement.


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One of the few joys left in buying stuff online is getting a text alert that your package is on its way. But even that has become a cause for concern now thanks to a new scam that disguises scam texts as FedEx shipping notifications.
On Monday, Microsoft announced that it had taken control of 50 domains associated with a hackers believed to be operating out of North Korea. Unsealed court documents show that the domains include “hotrnall.com,” “office356-us.org,” and “mai1.info,” among other copycat URLs.
Last year, Amnesty International spotted a long-running campaign against journalists and human rights activists in the Middle East.


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WHAT better way to celebrate World Wi-Fi Day than with free wi-fi?
To commemorate the inaugural tribute to CSIRO’s invention, on Monday Telstra will offer West Australians free access to hundreds of its mobile hot spots statewide.
This includes more than 300 in Perth’s metropolitan area.
From Friday, June 17 until Monday, June 20 anyone with a smartphone or tablet will be able to use the service, which is usually exclusive to Telstra customers.
The telco giant’s offer, comes after customers were left fuming after a number of network outages this year.
Telstra director fixed products and services Stuart Bird said in the past two decades wi-fi has become an “indispensable part of Australian life.”
“Wi-fi is the great Australian invention that untethered the internet and transformed the way we go about our daily lives,” he said.
“It’s supported an explosion in connected devices at home, made it possible to work outside the office and helped grow our cafe culture.”
Telstra was the first Australian telco to launch a wi-fi modem for the home in 2005.
For your nearest Telstra hotspot click here.
How Australia’s love-affair with wi-fi developed:
•1992: The Commonwealth Scientific and Industrial Research Organisation (CSIRO) team create ‘multipathing’ – a system that allowed faster and more reliable wireless internet connection.
•1996: CSIRO patents the multipathing technique in the US, then known as IEEE 802.11.
•1999: The term ‘wi-fi’ entered the popular lexicon when the Wireless Ethernet Compatibility Alliance (now Wi-Fi Alliance) enlisted Interbrand to come up with a catchier name.
•July 2003: Telstra launches its Wireless Hotspots nationwide.
•Late 2004: The Nokia 9500 became Telstra’s first wi-fi enabled mobile phone. It came with a 0.3MP video recorder, could send and receive faxes and sported a full Qwerty keyboard.
•March 2005: Telstra became the first Australian ISP to launch wi-fi enabled modems for homes (Since then, the number of Australians with fixed internet access has more than doubled from 6 million in 2005 to 12.9 million in 2015).
•June 2016: More than 70 wi-fi operators and carriers, technology providers, cities and industry forums will participate in global celebrations for the World Broadband Alliance’s inaugural World Wi-Fi Day.